Euro zone leaders: Greece must do more to earn rescue

“Our euro zone colleagues have received the message loud and clear that it would not be acceptable for this issue of British support for euro zone bailouts to be revisited”, a British finance ministry source told Reuters.

However, in a sign of how hard it may be for Tsipras to convince his own Syriza party to accept the deal, Labour Minister Panos Skourletis said the terms were unviable and would lead to new elections this year.

“After 17 hours of “negotiations”, the leaders of eurozone states reached a humiliating agreement for Greece and the Greek people”, the website said.

“If I agree to such an escrow, I may as well not go back”, a second source who was present at the summit quoted Tsipras as telling fellow leaders after Merkel demanded that he place 50 billion euros of state assets in Luxembourg, out of reach of his government.

Passage of the legislation would provide the impetus for cash-strapped Greece and its European partners to launch negotiations on a full bailout program, which would be Athens’ third in five years.

Slovak Prime Minister Robert Fico has also repeatedly said his country’s money would to be used to bailout Athens a third time.

Greece takes in more than it spends each year.

Alexis Tsipras, Greece’s prime minister, center, reacts as he leaves following all-night bailout talks in Brussels, Belgium, on Monday, July 13, 2015.

But modestly improving economic data and growing uncertainty over Greece’s debt crisis halted the currency’s decline as investors adjusted their trades to fit the euro’s indefinite shorter-term prospects.

“We had serious doubts whether Tsipras understands”, he said.

“What is at play here is an attempt to humiliate Greece and Greeks, or to overthrow the Tsipras government”, Dimitrios Papadimoulis, a Syriza member of the European Parliament, told Mega TV.

The leftist platform of the party, which includes Energy Minister Panagiotis Lafazanis said in a statement on Monday: “The Left Platform calls on the people not to be disappointed by this development, but instead to insist for a “No” as they did with the referendum; to the end!”

He also criticized the deal, but said it was the best Greece could get.

Mr Tsipras said he had “fought a tough battle”.

If Greece meets all of the requirements spelled out in Monday’s agreement, the country will get a three-year rescue program and the commitment to restructure its debt, which is unsustainably high at around 320 billion euros ($352 billion), or around 180 percent of its annual GDP. International Monetary Fund chief Christine Lagarde and ECB head Mario Draghi both intervened twice at the summit table to explain to him how their institutions were financing his budget and Greece’s banks.

Even with an increase in liquidity, capital controls would only be lifted gradually, another official said.

Finance ministers said Greece needed 7 billion euros of funding by July 20, when it must make a crucial bond redemption to the European Central Bank, and a total of 12 billion euros by mid-August when another European Central Bank payment falls due. In return for a bailout, Athens’ finances would be subject to regular inspection by outside monitors, and even some draft government bills would require lenders’ approval before they could be introduced in Parliament. “But it is one the Prime Minister himself has said he is up for”.

“This agreement pulls Greece back from the brink of economic chaos but remains far from ensuring its long-term economic viability within the eurozone”, says Eswar Prasad, a professor of trade policy at Cornell University.

Osborne says Britain, one of the nine European Union nations not part of the euro, will be staying out.

Announcing the deal in Brussels, EU President Donald Tusk said the agreement was unanimous.

Finland isn’t powerful enough to sink the deal on its own.